Speed is of the essence, according to the new chief executive of Vodafone, as the mobile phone company battles with the growing impact of economic uncertainty in its core European markets.

Vittorio Colao, who took over from Arun Sarin following Vodafone's annual meeting yesterday, said the company may also need to increase the number of cheap-rate deals it offers in order to attract and retain European customers who are feeling the pinch.

"I like speed," he said, when asked to differentiate his management style from that of his predecessor. "I know that nothing excites our people, our staff and makes our customers proud of being with Vodafone like seeing things happen quickly."

"I don't think that economic challenges will necessarily slow us down," he added.

The need for Vodafone to react quickly to a slowdown in its core European markets became obvious last week when its shares slumped 15% - their biggest ever one-day fall - after the company was forced to admit that revenue growth had stalled because of a dramatic slowdown in Spain.

Colao - who told shareholders yesterday that it was a "great privilege and great responsibility" to take over the helm - admitted that the company will have to "adjust our commercial policies" because of macroeconomic conditions, but refused to criticise the strategy followed by his Spanish managers who have helped increase Vodafone's market share over the past few years.

"If having a strategy wrong means outgrowing the competition 11 quarters one after the other, then I would like to be wrong in many places," he quipped.

Colao also stressed that the company will continue to look for opportunities in emerging markets to offset slowing growth in Europe. While Sarin took Vodafone into Turkey and India, Colao is trying to finalise a deal to buy out its partner in South African mobile operator Vodacom, which has operations in several other African countries.

That deal took a step closer yesterday as Vodacom announced it had secured a deal to bring on board a number of black investment groups - including Thebe Investments and Royal Bafokeng, one of South Africa's richest tribal groups - as part of the country's move to increase black economic empowerment. Vodafone would have to have added black investors to its deal and Vodacom's move means any deal should progress more smoothly, with the new investors retaining their shareholdings.

At yesterday's annual meeting, several shareholders alluded to the tough times that Sarin has suffered at the helm, including a boardroom spat over strategy with some of the "old guard" who worked closely with former boss Sir Christopher Gent.

Sarin, however, told the meeting: "There have been ups and downs in the last five years but frankly in a changing world, changing company, changing industry there would be ups and downs. There are always legacy interests that don't want to change."